Valero Energy Partners to use revolver borrowings for acquisitions

By Sarah Lizee

Olympia, Wash., Oct. 26 – Valero Energy Partners LP said it will use borrowings under its revolving credit facility to help finance its acquisitions of the Port Arthur terminal assets and Parkway Pipeline LLC from Valero Energy Corp., according to a press release.

The $508 million transaction will also be funded with cash on hand and an issuance of additional common units and general partner units to Valero subsidiaries.

San Antonio-based Valero is an oil refinery owner and operator.

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